Friday, August 19, 2011

Finishing Your Contract.

When you leave Korea, there are a few things you need to do so hopefully this list will help you close up your time here.

Pension: You will receive all your money back from your pension fund. The money was withdrawn monthly and most likely your school matched and contributed to your pension. I have lived in Korea for two years, so my pension is roughly 4.0 million won. To receive your pension money back, visit a pension office near you. I live in Uijeongbu, so I will give directions from here. Just visit the office with your plane ticket home (it should be one way), your alien registration card, and passport. Make sure to have the bank account information you want the money deposited into. It takes exactly one month to receive this money into your account, and from what I'm told September is the best time for an international wire.
Directions: Go to Uijeongbu station, exit 2. Follow the sidewalk outside of the building as it curves around and then head west. Continue straight parallel to the road until you reach a crossroad. Cross the street and then turn left and cross the street again. The pension office is in the Samsung building about a minute walk from here on your left. I found the directions on the website a little confusing, so hopefully this helps!

Taxes: If you were one of the unlucky ones who didn't know to apply for an exemption when you first started working here, you need to get a residency certificate from your country. To get the residency certificate, visit this website for a Form 6166. You need to pay for the application, but it verifies you paid taxes in your native country. To speed up the process (it takes at least a month to process) I scanned my completed form and had my friend mail it in for me, and then my parents scanned the certificate and e-mailed it to me. From that point, my co-teacher went with my application and certificate to the tax office in Uijeongbu. I recommend getting the help of your co-teacher for this, because there is a lot of paperwork. Keep in mind that the tax year ends in March so please try to apply earlier than I did. I should receive my money back after I've left in two months.

Severance/Bonus pay: This is one month salary without any taxes or fees taken from it. It's the full month salary, so however much you get 1.8-2.8milish. You should receive this before you leave or on the last day of your contract. You will get this as a bonus if you resign your contract.

Apartment deposit: When you first came to Korea you were shorted 300,000W a month from your paycheck for this deposit, for a total of 900,000W. Your co-teacher will come to your house to make sure all appliances in your contract are in working condition. If you break a fan...*ahem* please be ready to replace it out of your own pocket or the deposit money. This is probably the second easiest part of everything you need to do.

Plane Ticket Refund: You should get this pretty quickly after your leave. I recommend talking your school into paying it, it's a lot simpler.

Closing your contracts:
Cellphone - I have an LG plan, and I was told that I must come into a retailer to have my account closed. What a bummer.

Internet: I have SK Broadband so I had my co-teacher and call to ask if they will close my account the day I leave, they said yes making life a lot easier.

Credit Card: Having a credit card in Korea was very useful, though at times it made it easier to spend money. I called my credit card company and closed it immediately.

Bank Account: I am leaving my bank account open due to the high interest rate.

I believe that's all you need to know as you end your time here in Korea. Please feel free to ask any questions. Travel safely!

0 comments:

Post a Comment